LONDON, Sept 22 - Global shares wilted and U.S. yields climbed multi-year highs on Friday after a week packed with central bank meetings signalled that the U.S. Federal Reserve's interest rates would stay higher for longer.
Oil prices , were above $90 a barrel, though on track for a small weekly drop after gaining more than 10% in the previous three weeks amid concerns about tight global supply.MSCI's index of global equities was slightly weaker and down about 2.6% for the week so far. "The massive week for central banks has really been all about the Fed. That is the focus of the market and that's what's driving the dollar right now," said Eren Osman, managing director of wealth management at Arbuthnot Latham.
Weighing further on sentiment, German busines activity fell for the third straight month in September, pointing to a deep economic contraction in Europe's biggest economy.U.S. stock futures were slightly firmer after Wall Street fell on Thursday on worries that the Fed, which paused on rate hikes on Wednesday, will nevertheless keep borrowing costs at current levels for longer than previously anticipated.
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Premarket: World stocks wilt, yields firm on re-pricing ‘high-for-long’ Fed ratesU.S. dollar heads for tenth consecutive weekly increase
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